Weekly M&A Debrief (16-22/3/2026)

By Nikos Tsolakis, Dimitris Chatziasimiadis, Stavroula Bichta, Dimitris Machairas, Angeliki Stampouli and Thanasis Ntatsis

FINANCIAL SERVICES

1) Optima Bank to Acquire Euroxx Securities

Optima Bank has submitted a non-binding offer for the acquisition of an 80.84% stake (minimum of 67%) in Euroxx Securities. The indicative consideration is up to €65.5 million, depending on the final stake. The transaction is subject to due diligence, negotiations and regulatory approvals. The potential acquisition supports Optima Bank’s strategy to expand its presence in capital markets and investment services.

The Target

Euroxx Securities is a Greece-based investment services firm providing brokerage, research, and investment banking services to institutional and private clients.

Revenue – 2025: €46.2m

EBITDA – 2025: €8.8m

Net Income – 2025: €13.5m

Net Debt – 2025: €9.7m

Leverage – 2025: 1.1x

The Buyer

Optima Bank is a Greek commercial bank providing a range of retail, corporate and investment banking services.

Revenue – 2025: €297.6m

Net Income – 2025: €170.0m

NPE Ratio – 2025: 1.3%

ENERGY

1) Aquila Capital-Advised Funds Acquire 89% Stake in Desfina Wind Farm For €26m

Funds advised by Aquila Capital have acquired an 89% stake in the 40MW Desfina wind farm from Aquila European Renewables plc (AERI) for a consideration of €26 million. This disposal represents the Greek component of a broader €61.9 million divestment package including wind assets in Denmark. The transaction formed a key component of AERI’s managed wind-down strategy, intended to facilitate the systematic liquidation of its portfolio and the return of €34 million to shareholders.

Transaction Value: €26.0m

Implied Enterprise Value: €29.21m

The Asset

The Desfina wind farm is a 40MW renewable energy project located in Greece.

The Seller

Aquila European Renewables plc is a London-listed investment company focused on energy efficiency and renewable energy infrastructure, including wind, solar, and hydropower plants across Europe.

FOOD & BEVERAGE

1) Cooke signs preliminary agreement to acquire Avramar’s debt and operational control

Cooke Inc. has signed a Memorandum of Understanding (MoU) with Greek creditor banks to acquire the existing debt of Avramar Greece. According to market reports, the purchase price for the loans is approximately €200m, addressing a total debt exposure of roughly €410 million and yielding a 49% recovery rate for the lenders. This debt acquisition, combined with a move to secure the equity of the Greek operations, will grant Cooke full operational control. The agreement effectively concludes the restructuring process, resulting in the withdrawal of the previously preferred bidder, UAE-based Aqua Bridge.

The Target

Avramar Greece (comprising Avramar Aquaculture, Andromeda, Perseus, and Avramar Commercial and Logistics) is a Mediterranean aquaculture enterprise operating primarily within Greece. The company focuses primarily on the cultivation, processing, and distribution of sea bass and sea bream. Its physical infrastructure encompasses hatcheries, open-water marine farm sites, fish feed production units, and packaging facilities.

Revenue – 2025: c. €300.0m

EBITDA – 2025: c. €50m

The Buyer

Cooke Inc. is a multinational seafood and aquaculture corporation headquartered in New Brunswick, Canada. The family-owned enterprise manages a diverse portfolio of marine assets across 15 countries, engaging in both wild fisheries and the farming of various species including salmon, shrimp, and barramundi.

RETAIL

1) Endless acquires Majority Stake in FINEZZA

Greek industrial group Endless has reached an agreement to acquire a majority stake in FI, strengthening its position in the fast-moving consumer goods manufacturing sector. According to market reports, the transaction involves the purchase of controlling shareholding stake from the current owners, allowing Endless to integrate FI into its production and distribution network.

The Target

FI (FINEZZA) is active in the production and distribution of consumer household products, particularly in hygiene and cleaning solutions. The company supplies the domestic market through established retail and wholesale channels and maintains a presence in both branded and private-label segments.

Revenue – 2025: €10.1m

EBITDA – 2025: €2.3m

The Buyer

Endless is a Greek manufacturing company specializing in paper products, detergents, and household consumer goods. Headquartered in Aspropyrgos, Greece, the company operates production facilities and logistics infrastructure serving the domestic market.

Revenue – 2024: €71.2m

EBITDA – 2024: €5.1m

Net Debt – 2024: €16.5m

RUMOURS AND OTHER DEVELOPMENTS

1) Rumor: Allwyn Pivots to New Sportsbook Targets Following Novibet Deal Collapse

Earlier this month the previously announced acquisition of Novibet by Allwyn officially fell through. However, various sources indicate that the pursuit of proprietary technology is far from over, with Allwyn already actively evaluating alternative M&A targets to fulfill its strategic ambitions.

Following regulatory pushback from the Hellenic Competition Commission and an inability to find solutions that preserved the deal's value, Allwyn withdrew from the transaction. During a recent earnings call (FY25), management signaled that bringing sportsbook technology in-house remains a key priority. Industry insiders expect the corporation to quickly pivot and deploy capital toward acquiring a different sportsbook technology developer to address the remaining gap in its digital ecosystem.

2) Karalis explores potential acquisition in dairy sector

Karalis is exploring expansion into the dairy sector, with management indicating that the acquisition of a smaller cheese producer is under consideration. The company has already examined similar opportunities in the past, reaching an advanced stage of negotiations, although the transaction was not completed due to external conditions. At the same time, Karalis is also assessing investments in fresh milk production, as interest from smaller producers seeking strategic partnerships continues to grow. The group plans to proceed with targeted investments of approximately €5 million, aiming to strengthen its position in the broader dairy market.

3) Profile considers new acquisitions abroad

Profile is evaluating potential acquisitions abroad as part of its broader medium-term strategy, with management indicating that the “new acquisitions” pillar will remain a key focus over the next three years. The company is currently examining alternative opportunities, aiming to support its international expansion while maintaining a disciplined investment approach.

4) SMERC Nears €10–20m Food Deal, Lines Up Second Acquisition

Greek private equity fund SMERemediumCap (SMERC), led by Nikos Karamouzis, is in advanced discussions for two acquisitions in the food sector, with the first, valued at €10-20m, expected to be signed within days, targeting a market-leading business with significant production capabilities, while the second deal is still at a more preliminary stage and involves a company in the broader food and beverage industry. These transactions are expected to be executed through SMERemediumCap II (SMERC II), a €200m vehicle focused on investing in mid-sized Greek companies with a strong export orientation.

5) Vivartia Returns €135m as CVC Pursues Asset Sales

Vivartia, owned by CVC Capital Partners, has distributed €135m to its shareholder via a capital reduction, a move aligned with ongoing value extraction, while the fund is simultaneously sounding out interest for key assets including Delta Foods, where discussions are anchored around a €300-320m valuation, and Hellenic Dough, with a valuation set north of €400m given its strong international growth profile. Taken together, the steps indicate a dual-track approach, with CVC both monetizing and further enhancing asset value ahead of a broader exit.